Chapter 281
2008 -- S 3068
Enacted 07/08/08
A N A C T
RELATING
TO A TAX AGREEMENT BETWEEN THE TOWN OF TIVERTON AND TIVERTON POWER, INC.
Introduced
By: Senators Felag, and Gibbs
Date
Introduced: May 29, 2008
It is enacted by the General Assembly as
follows:
SECTION 1. The
town of Tiverton and Tiverton Power, Inc. are hereby authorized to
enter into a tax treaty agreement with respect
to all real and personal property taxes or payments
in lieu of such taxes which relate to the
construction and operation of an additional generating
unit to be located proximate to the existing
Tiverton Power, Inc. electric generating facility. The
tax treaty shall provide for the payment from Tiverton
Power, Inc. of amounts to be determined
by the town council of the town of Tiverton, and
the term of such tax treaty shall not exceed
twenty (20) years.
SECTION 2. The
town of Tiverton and Tiverton Power, Inc. are hereby further
authorized to enter into an amended tax treaty
agreement with respect to all real and personal
property taxes or payments in lieu of such taxes
which relate to the construction and operation of
the existing Tiverton Power, Inc. electric
generating facility, and such amended tax treaty
agreement may, but need not include, such
additional generating unit. Such amended tax treaty
shall provide for the payment from the Tiverton
Power, Inc. of amounts to be determined by the
town council of the town of Tiverton, and the
term of such amended tax treaty shall not exceed
twenty (20) years.
SECTION 3. The tax
treaty agreement or the amended tax treaty agreement described
herein is subject to the approval of the town
council of the town of Tiverton and need not be
approved at the Tiverton financial town meeting.
SECTION 4. This
act shall take effect upon passage.
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LC03022
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